The market traded in a quiet mode yesterday but continued gaining strength. The PX-50 index gained 0.78% to 830.2 points. Cesky Telecom gave back some of its Wednesday's gains on profit taking. It came off by 1.1% but on a thin volume. CEZ was well bid among international accounts; local investors still seem to be sellers of the name. Erste Bank shot up by 2.8% and we believe the bank is continuing to benefit from acquisition talks in Europe. Even though no one has explicitly expressed an interest in Erste so far, many believe that it would be an ideal partner for gaining exposure to the Central European markets. Total volume reached EUR 69m yesterday.
Milan Procházka, Patria Finance